The CBIC has launched the QRMP scheme under the Goods and Services Tax system. It has been launched for small taxpayers.
CBIC is Central Board of Indirect Taxes & Customs
QRMP is Quarterly Return filing & Monthly Payment of Taxes
Points To Note
- Taxpayers whose aggregate annual turnover is up to Rupees 5 crore in the preceding FY are eligible for QRMP scheme.
- With this scheme, taxpayers having their turnover up to Rupees 5 crore have the option to file their GSTR-1 and GSTR-3B returns quarterly from the January-March period.
- Taxpayers can make GST payments through challan mothly.
- It will be done either by self-assessment of the monthly liability or 35 per cent of net cash liability of previously filed GSTR-3B of the quarter.
- The return can also be filed through an SMS.
How GST return can be filed?
A GST registered person who have to file his GSTR-3B return quarterly should indicate the same on GST portal. It will start from the 1st of the second month of the preceding quarter and it can be filed until the last day of the first month of the quarter. Once the registered person opts for quarterly filing, the person will continue to file his return every quarter for all future tax periods.
SAM: Self Assessment method is an existing method where the taxpayer can pay the tax liability by considering the tax liability on inward & outward supplies and the input tax credit. The taxpayer needs to manually arrive at the tax liability for the month. A registered person is not eligible for these procedures unless he has provided the return for the complete tax period preceding that month.
Quarterly Return filing & Monthly Payment of Taxes scheme Quarterly Return filing & Monthly Payment of Taxes scheme